Bitcoin price began a downward correction in the $72,000 range. BTC has currently consolidated around $70,000 and we can expect another increase in the near future.
- Bitcoin struggled above the $71,800 resistance zone.
- The price is trading above $69,000 and the 100-hour simple moving average.
- The hourly chart of the BTC/USD pair (data feed from Kraken) shows a major bullish trendline with support at $69,200.
- Unless the pair falls below $68,800, it could start another increase.
Bitcoin price corrects profits
The price of Bitcoin has risen at a rate past the $70,000 level. BTC surged above $71,200 before a decline occurred near $72,000. A new weekly high was set at $71,896 and the price recently began a downward correction.
The price fell below the $71,000 level and hit the lows of the 23.6% Fib retracement level of the bullish wave from $66,047 to $71,896.
However, bulls are active above the $68,800 support zone. Bitcoin is also trading above $69,000 and the 100-hour simple moving average. Moreover, on the hourly chart of the BTC/USD pair, there is a major bullish trendline with support at $69,200.
The price is currently finding resistance near the $70,500 level. The first major resistance could be at $71,200. The next major resistance could be at $71,850. A clear break above the $71,850 resistance could push the price higher. If indicated, the price could move higher to test the $72,500 resistance.
If the bulls push the price higher, it could move towards the $73,200 resistance zone. Any more gains could push BTC towards the $74,500 resistance.
Are dips supported in BTC?
If Bitcoin fails to rise above the $71,200 resistance zone, it may continue to fall. Immediate support for the downside is near the $69,200 level and trend line.
The first major support is $69,000. Key support is currently forming near the 50% Fib retracement level of the bullish wave from the low of $68,800 or $66,047 to the high of $71,896. More losses could lead the price towards the $67,300 support area in the near term.
Technical indicators:
Hourly MACD – MACD is now losing speed in bullish territory.
Hourly Relative Strength Index (RSI) – The RSI for BTC/USD is now above the 50 level.
Key support levels – $69,200, then $68,800.
Key resistance levels – $70,500, $71,200 and $71,800.